Hxro cryptocurrency trading platform raised $15 million in a private token sale to hedge fund Commonwealth Asset Management as per a press release that we have in our latest crypto news today.
In addition to supporting derivatives trades and betting markets, Hxro cryptocurrency trading has its personal Ethereum-based network token HXRO and the token holders can use it to get rebates and rewards while still trading on the platform. The going rate for the token is now set at $0.75 which is a 14% increase over the past week. Hxro made the name with Moonrekt which is similar to an online game that is built around betting whether the asset will surge and increase in price over a certain timeframe or get “rekt” and drop in value. The company offers an investment product called TixWix aims towards a retail market and it operates via a partnership with FTX with the exchange run by crypto wunderkind Sam Bankman-Fried.
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Commonwealth is based out of Los Angeles and has ties to investors like Alan Howard and Louis Bacon as both of them invested in the forthcoming EOS-based exchange Bullish Global. CIO Adam Fisher said:
“Having been active in financial markets over the last 20 years, we think a liquid options market is the next step in the evolution of decentralized crypto trading and the network is extremely well positioned for success.”
As recently reported, Hxro, a gamified crypto trading platform, has announced that it will be joining the Nervos ecosystem as it ramps up for expansion in the Asia-Pacific region. By building on Nervos, Hxro plans to bridge its centralized trading platform with new DeFi products slated for release across several Asian markets, starting with a decentralized version of its existing product.
Designed for first-time and hypercasual traders, Hxro’s pari-mutuel market gamifies the crypto trading experience and lets users bet on price movements. A unique trading system called ‘MoonRekt’ lets traders take bullish or bearish positions in widely-traded, standardized time frames with the tap of a button. Nervos will provide the foundation for Hxro to bring a decentralized iteration of its core product to Asia–a key market for Hxro.
According to Hxro’s co-founder and CEO Dan Gunsberg, Asia is an especially attractive market for expansion due to its “strong gaming and trading culture coupled with the region’s growing crypto adoption.
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” The company plans to launch a suite of fully on-chain Hxro products on Nervos for the Chinese and Southeast Asian markets.
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